Hummingbird Resources
Yanfolila 2016
AIM-quoted Hummingbird Resources has improved the terms of its senior secured term debt facility following an agreement with Coris Bank International.

The new facility will be used to fund the on-going construction of the Yanfolila gold mine in Mali that is on budget and scheduled for first gold pour by the end of 2017.

[quote]“This debt agreement replaces the funding line previously anticipated with Taurus and provides the company with sufficient working capital to complete the mine build at Yanfolila at a lower cost and without any royalty commitment,” comments Dan Betts, CEO of Hummingbird Resources.

This will result in a material saving for Hummingbird Resources over the life of the mine.

“Importantly, the terms of the loan with Coris Bank International are more flexible than the previous arrangement and much better aligned with our strategy of growth. We look forward to working with Coris Bank International to bring Yanfolila into production and also to help us execute our strategy to become a multi-mine company.”

“We are very pleased to be working with Hummingbird Resources in the development of the Yanfolila gold mine. We have been to site and are pleased with the progress being made,” states Idrissa Nassa, president of Coris Bank International.

“Coris Bank International looks forward to completing the funding of Yanfolila and partnering with Hummingbird Resources as they bring the mine into production and look to expand in Africa.

Feature image credit: Hummingbird Resources